Remodeling Your Home? Use These Tips to Save Money

Remodeling Your Home? Use These Tips to Save Money

Renovations can be expensive, but the good news is there are ways to save money on your remodeling projects, if you have the right strategies.

So what, exactly, are those strategies?

 

A recent article from realtor.com outlined tips homeowners can use to save money on their renovation, including:

  • Come prepared with competitor research. One of the best ways to get a contractor to come down on their price is to let them know you talked to their competitors, and their quote was more competitive. While it’s not a guarantee, many contractors will bring down their price to compare with their competitor’s bid, rather than lose the project.

  • Use timing to your advantage. When you renovate can play almost as big a role in pricing as what you’re renovating. Renovations typically ramp up in the spring—so if you want to get better pricing, plan your remodel between January and early March, which tends to be a slower season for contractors.

  • Shop for less-than-perfect appliances. Need a new refrigerator, washing machine, oven, or other appliance? Ask the retailer if they have any “scratch or dent” items. These items — which generally only have cosmetic issues, not functional ones — can be marked down by as much as 20%. And if you spot a less-than-perfect item on your own, point it out to a salesperson, and ask what kind of deal they’d be willing to offer.

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